How to Fill Out Tax Extension Form 7004
If you think your company will not be able to assemble all of the necessary tax documentation in time to meet the federal government's tax deadline, you should apply for an extension. Tax Form 7004 provides an automatic 6-month extension in time to file various business documents. Here's how to fill out tax extension Form 7004.
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Instructions
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Obtain a copy of Form 7004. Visit the Internal Revenue website and download Form 7004 (see below). The proper name for the form is "Application for Automatic 6-Month Extension of Time To File Certain Business Income Tax, Information and Other Returns." Make sure you download the appropriate form.
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Enter your company's identifying information. This will include the company's name, address and tax identification number.
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Review the instructions to locate the form code that is applicable for your tax return. The instructions have an extensive listing of codes for the appropriate form.
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Inform the government of the tax year for which you are filing From 7004. If it is not for a full year, check the appropriate explanation box for why it is covering less than 12 months.
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Insert the estimated 'tentative total tax' for which your company is liable.
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Provide the amount of tax payments and credits made throughout the year.
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Determine the difference between the two. If your company paid more taxes than required, then your company is due a refund. However, if it did not pay the tax amount as required by the Federal government, then your company will owe additional taxes.
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Tips & Warnings
Don't be fooled. Although Form 7004 is short and seemingly easy to complete, be sure your information is accurate. Blatant inaccurate information will only serve to haunt your company later on down the line.
Form 7004 provides an extension to file business information and documentation; it is not an extension for paying the amount of taxes owed. You must pay the outstanding amount due by the tax payment deadline. Failure to do so will result in fines and penalties.
